ETFs are exposing EMEs to global capital flows – Fed paper
The growth in exchange-traded funds (ETFs) has increased emerging market economies’ (EMEs) exposure to the global financial cycle, research from the Federal Reserve finds.
Investor flows into EME-focused ETFs are more sensitive to global push factors – such as US monetary policy – than flows into EME mutual funds, the authors find.
Using data from individual emerging-market ETFs from 1997 to 2017, Nathan Converse, Eduardo Levy-Yeyati, and Tomas Williams examine the impact the growth in the
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